Mortgage applications fell last week, and the economy lost more than 500,000 private-sector jobs in May, according to reports. The data trample signs of a slight economic rebound that were emerging in recent weeks. "It's encouraging to see this stabilization process start to take hold, but at the same time the weakness does persist. These are still indications that we're not totally out of the woods yet," said Jonathan Basile, an economist at Credit Suisse.

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